Monday, July 11, 2016

NEWS | Oil Price Rout Slams Houston's Commercial Real Estate Market | Rigzone: "The prolonged slump in oil prices has slammed the office market in the U.S. energy industry hub of Houston, where more than 10 million square feet is available and vacancy rates are at their highest in 20 years, the real estate firm CBRE reported.
Thousands of energy industry employees have lost jobs and companies have slashed their capital budgets during the steep slide in crude prices, which are still down more than 50 percent since 2014.
CBRE found that 10.2 million square feet of commercial real estate was available to sublease at the end of June, as companies sought to shrink their footprint and get others to cover the terms of their leases."